Link: https://links.sgx.com/1.0.0/corporate-announcements/KYPSLY8ESJOJ3V4D/6ed1b4df33b3095fa54768b6b6054c13473d57d6a3d58b6c9d3f3819ea81e62c

Summary:

• Revenue for 1H 2025 fell 15.2% to S$50.79 million, mainly due to delays in project execution and lower new contract commencements in the Infrastructure Engineering division.

• Gross profit margin improved to 38.2% from 35.5% due to cost control, productivity gains, and strategic restructuring.

• Net profit fell 52.2% to S$6.88 million; profit attributable to shareholders dropped to S$2.93 million, partly impacted by foreign exchange losses and higher depreciation.

• EBITDA was S$11.19 million versus S$19.06 million in 1H 2024; cash from operations was S$10.01 million.

• Other gains from last year were absent; a large gain from prior asset sale was not repeated this year, and 1H 2025 saw a foreign exchange loss of S$1.19 million.

• Net asset value per share rose to 11.43 cents; group cash increased to S$25.1 million.

• No interim dividend declared; the board will reassess at full-year results.

• The group remains positive on Infrastructure Engineering and Corrosion Prevention, and expects continued activity, but is cautious about ongoing geopolitical and economic uncertainty.